MeritValue

SS&C Technologies Holdings Inc

SSNCdata completeness 100%17 fiscal years on file
The thesis, from the filings

SS&C Technologies Holdings Inc earns about 8% on invested capital, below its ~9% cost of capital, and has bought back 5% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $31.14 and $72.61 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.05B1$5.28B2$5.5B3$5.88B3$6.27B3
Net income$800M4$650.2M5$607.1M6$760.5M6$796.9M6
Operating cash flow$1.43B7$1.13B8$1.22B9$1.39B9$1.74B9
Capital expenditure$51.3M10$63.4M11$56.6M12$61.4M12$80.8M12
Free cash flow (derived)$1.38B7$1.07B8$1.16B9$1.33B9$1.66B9
Total debt$5.95B13$7.08B14$6.72B15$7.01B16$7.43B16
Cash & equivalents$564M17$440.1M18$432.2M19$567.1M19$462.1M19
Diluted shares267.3M262.0M254.5M253.8M253.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$272.13
your share of equity
Profit it earned you last year
$31.49
Free cash flow it threw off
$65.74
Debt you’d be carrying
$293.69

10 shares is a claim on $272.13 of net worth that earned you $31.49 and generated $65.74 of cash last year, against $293.69 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY21 8%FY22 7%FY23 7%FY24 9%FY25 8%

It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 25% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $31.14 and $72.61 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$72.61
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth4.9%
  • fcfBase$1.33B
DCF · Growth Exit 5Y
$65.1
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth4.9%
  • fcfBase$1.33B
Earnings Power Value
$31.14
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$760.5M
  • growthAssumed0.0%
Graham Number
$43.92
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years4.9%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $65.1
The three cases
Bear0.0%$47.38
Base4.9%$65.1
Bull9.9%$86.72

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 4.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-022080 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-031295 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076745 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-022080 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-031295 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076745 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-022080 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-031295 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076745 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-022080 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-031295 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-076745 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005072 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-022080 (LongTermDebtNoncurrent)
  15. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-031295 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-076745 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-24-022080 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-031295 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001193125-26-076745 (CashAndCashEquivalentsAtCarryingValue)